By Srinivas Chowdary Sunkara // petrobazaar // 21st July, 2021.
Brent oil futures for Sep delivery rose 73 cents or 1.06 pct to $69.35 a barrel on London based ICE futures Europe exchange. In U.S, WTI oil August futures prices edged up $1 or 1.51% to close at $67.42 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices slipped 20.6 Yuan to 414.5 Yuan//bbl while MCX front month futures prices went up Rs.33 or 0.66 pct to settle at Rs.5016 a barrel yesterday. Brent premium over WTI narrowed down to $1.93 during the session.
The world crude oil price index curves turned up on buying pressure as the market participants vied to take advantage of oil's two month low hit in the earlier session. Market sell-off spurred by demand destruction fears amid increase in virus numbers that weighed on other riskier assets also. Since U.S August futures due to expire spurred some volatility. Otherwise markets remains skeptical. API reported that U.S crude oil stocks climbed by 806,000 barrels for the week ending July, 16th. Gasoline stocks are estimated to be up by 3.3 Mb while distillates are expected to fall by 1.2Mb. EIA will confirm numbers later today. Consensus is on drop in crude stocks. weekly numbers will spur some volatility. Asian markets are trading in green at the time or reporting. Good day to all.
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